The ongoing legal battles surrounding Michael Jackson’s estate have recently resurfaced, as his son, Prince Jackson, has renewed his efforts to challenge the estate’s executors. This latest development serves as a reminder of the importance of including a “no contest” clause in your estate plan to discourage potential litigation and minimize the risk of prolonged family disputes. What is a “No Contest” Clause? A “no contest” clause, also known as an “in terrorem” clause, is a provision in a will or trust that threatens to disinherit any beneficiary who challenges the validity of the document o ..read more

Senate Majority Leader Chuck Schumer and Senate Budget Committee Chairman Bernie Sanders are working on legislation that would build on the dual economic proposals unveiled earlier this year by President Biden: the $2.3 trillion American Jobs Plan and the $1.8 trillion American Families Plan. Fox Business’ recent article entitled “Democrats eye major Medicare expansion as part of $6T reconciliation bill” reports that the package—which Democrats could pass on a party-line vote using their slimmest-possible Senate majority— includes other Democratic goals. These include lowering Medicare’s eligi ..read more

Seniors can now join Walmart+ with a paid membership to receive a selection of free medications, plus thousands of other prescription drugs at a discount of up to 85%. Money Talk News’ recent article entitled “New Walmart+ Perk Can Save You Up to 85% on Drugs” explains that the prescription savings program — Walmart+ Rx for less — can save you money on “the most commonly prescribed medications across a variety of health needs, including heart health, mental health, antibiotics, allergies and diabetes management,” Walmart says. Walmart says that free and discounted prescriptions are available a ..read more

Let’s say that there’s a young father with a wife and young son, who owns a home and a Roth IRA account, with a few stock investments. On the stock investments, he’s filled out the beneficiary designation forms passing all his assets to his wife and son, should anything happen to him. This father owns his home is joint tenancy with right of survivorship with his wife. Does he need to set up a separate trust, if most of his assets pass through beneficiary designations? Nj.com’s recent article entitled “Do I need a trust in case something happens to me?” says that leaving assets outright to a mi ..read more

From February 2020 to January 2021, enrollment in Medicaid jumped by 9.7 million people to nearly 74 million Americans — also a record, the Centers for Medicare and Medicaid Services said. That’s an increase of 15.2%. CNN’s recent article entitled “Pandemic pushes Medicaid enrollment to record high” reports that all states saw jumps in their Medicaid enrollment, ranging from 7% in Alaska to 25% in Utah, according to the Kaiser Family Foundation. In contrast to the Trump administration, which sought to limit Medicaid participation by adding additional requirements, the Biden administration is l ..read more

“With the reforms we’ve proposed today, probate judges will have additional tools in the law to make sure that the rights of people with guardians are protected,” Cavanaugh said at a press conference, reported by The Traverse City (MI) Eagle-Record’s recent article entitled “Mich. AG, Supreme Court announce guardianship reforms.” “If a court chooses a professional guardian over a family member, the reason for that decision should be transparent and should be supported on the record,” Cavanaugh said. The proposed bill would require guardians and conservators to be trained, certified and bonded ..read more

In a general warranty deed, a seller states that the transfer amount is one dollar and notarizes it. It is then sent to the county clerk. However, in this New Jersey example, the deed was sent back because a Seller’s Residency Certification form was required. There is often confusion about the right method of transferring a deed and the potential consequences. When a home is transferred as a gift, property taxes may not be imposed, depending on state law. This is known as a homestead tax exemption for property taxes. The homestead exemption is generally a dollar amount or percentage of the pro ..read more

Adding another person to your bank account provides both of you with complete access to the account. A person can be a power of attorney and a joint account holder, but the two are very different roles, explains the article “What are my rights when someone adds me to a bank account?” from Lehigh Valley Live. A joint account is a bank or investment account shared by two individuals, although more than two people may be on an account. They have equal access to funds, as well as equal responsibilities for any fees or expenses associated with the account. If there are transactions, depending upon ..read more

Nj.com’s recent article entitled “Who will get my boyfriend’s property if he dies? Me or his wife?” says that a couple that’s lived together for some time where one is still married to another can create some issues. If the boyfriend has a life insurance policy and 401(k) with the girlfriend as beneficiary, they should draft a will to make certain that the estranged wife does not get that money. Despite the fact that the girlfriend is the named beneficiary of the life insurance and the 401(k), there is more you need to think about. Without a will, probate assets (the assets held by individuals ..read more

Three members of the FDA panel overseeing research have resigned since the approval this week, including Dr. Aaron Kesselheim, a professor of medicine at Harvard Medical School, who said in a letter the agency’s decision on Biogen “was probably the worst drug approval decision in recent U.S. history.” CNBC’s article entitled “Biogen Alzheimer’s drug and the battle over dementia treatment of the future” reports that last November, in an 8-1 vote, that panel said Biogen’s late-stage study didn’t provide “strong evidence” showing that aducanumab effectively treated Alzheimer’s; two other panelist ..read more